AgenciesFollowing a dip in Asian markets Indian equity indices mostly opened flat on Friday.
The BSE Sensex was trading 45 points or 0.11% lower at 62,228 after scaling all-time highs in Thursday's trade. Nifty50 was trading at 18,470, down 13 points or 0.07% at around 9.18 am.
“Many favourable factors have come together to push the markets to record levels: The FOMC minutes indicating smaller rate increases, the sharp correction in crude, FIIs turning buyers, reports of impressive credit growth and capex revival and even the bad news of record Covid spread in China is turning out to be good news for India since it will accelerate the China Plus One policy,” V K Vijayakumar, Chief Investment Strategist at said.
“Nifty breaking the previous record high of 18,604 is only a question of time. The significant feature of this rally is that it is driven by heavyweights like , , HDFC, Infy, TCS, and RIL which have strong fundamentals and this makes the rally healthy. But the market is unlikely to surge from the record highs since the valuation headwind will act as a restraint,” Vijayakumar added.
Among Sensex stocks, , , , TCS and ITC were the top laggards, falling about 0.5-1.5%. HUL, , , , Nestle and Titan also opened lower.
On the other hand, , , L&T, , , and SBI opened with the gains.
“Vast majority of retail investors, particularly the newbies, have missed out on this rally since their portfolios are largely mid-and small-cap oriented. As of now, the possibility of the rally spreading to the broader market is limited, Vijayakumar said.
Sectorally, Nifty FMCG declined 0.62% and Nifty IT fell 0.32%. Nifty PSU Bank and Nifty Media opened higher. Whereas, in the broader market, Nifty Midcap50 rose 0.41% and Smallcap50 advanced 0.84%.
In early trade in Asian markets, Japan’s Nikkei 225 dropped 0.31% and South Korea’s Kospi fell 0.19% while China’s Shanghai Composite surged 0.39%.
The Indian rupee opened flat at 81.62 against the US dollar in early trade on Friday. Meanwhile, the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, decreased 0.25% to 105.81 level.
Brent crude January futures rose 0.29% to $85.59 a barrel, while U.S. West Texas Intermediate (WTI) crude futures advanced 0.60% to $78.41 a barrel.
The BSE Sensex was trading 45 points or 0.11% lower at 62,228 after scaling all-time highs in Thursday's trade. Nifty50 was trading at 18,470, down 13 points or 0.07% at around 9.18 am.
“Many favourable factors have come together to push the markets to record levels: The FOMC minutes indicating smaller rate increases, the sharp correction in crude, FIIs turning buyers, reports of impressive credit growth and capex revival and even the bad news of record Covid spread in China is turning out to be good news for India since it will accelerate the China Plus One policy,” V K Vijayakumar, Chief Investment Strategist at said.
“Nifty breaking the previous record high of 18,604 is only a question of time. The significant feature of this rally is that it is driven by heavyweights like , , HDFC, Infy, TCS, and RIL which have strong fundamentals and this makes the rally healthy. But the market is unlikely to surge from the record highs since the valuation headwind will act as a restraint,” Vijayakumar added.
Among Sensex stocks, , , , TCS and ITC were the top laggards, falling about 0.5-1.5%. HUL, , , , Nestle and Titan also opened lower.
On the other hand, , , L&T, , , and SBI opened with the gains.
“Vast majority of retail investors, particularly the newbies, have missed out on this rally since their portfolios are largely mid-and small-cap oriented. As of now, the possibility of the rally spreading to the broader market is limited, Vijayakumar said.
Sectorally, Nifty FMCG declined 0.62% and Nifty IT fell 0.32%. Nifty PSU Bank and Nifty Media opened higher. Whereas, in the broader market, Nifty Midcap50 rose 0.41% and Smallcap50 advanced 0.84%.
In early trade in Asian markets, Japan’s Nikkei 225 dropped 0.31% and South Korea’s Kospi fell 0.19% while China’s Shanghai Composite surged 0.39%.
The Indian rupee opened flat at 81.62 against the US dollar in early trade on Friday. Meanwhile, the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, decreased 0.25% to 105.81 level.
Brent crude January futures rose 0.29% to $85.59 a barrel, while U.S. West Texas Intermediate (WTI) crude futures advanced 0.60% to $78.41 a barrel.
Read More News on
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.